Fantom (FTM) Crypto Still A Good Buy, As It Starts to Rebound Off the Support
Skerdian Meta • 2 min read
Cryptocurrencies seem to have resumed the bullish trend again, some of them making new highs while others are heading there, after the uncertainty of the previous two weeks. Fantom crypto has been quite bullish during October, but after the pullback in the last two weeks, this digital coin is turning bullish again which we predicted last week, and looks like it’s going to make new highs soon, so let’s have a look at Fantom.
Fantom Daily Chart Analysis – Another Support Turns Into Resistance for FTM
Fantom has been one of the most bullish cryptocurrencies in recent months. This crypto was trading at around $0.20 in early August, while toward the end of last month it almost reached $3.50, as the increasing interest for the Fantom blockchain network surged.
The 20 daily SMA turned into support as well for Fantom token
We have mentioned before that previous highs are turning into support for FTM/USD, which is quite visible on the chart above. The last high stood at around $2.50 for this crypto, while previously previous highs below $1 and below $2 turned into support.
So, there is a pattern on Fantom’s daily chart and it seems like it is repeating again. The latest high resistance zone came below $2.50, which seems to have turned into support for Fantom. The price retracted down in the last two weeks but stalled at that zone, while the 20 SMA (gray) which just caught up on the daily chart also turned into support. Now, Fantom is turning bullish and is trading around 50 cents higher, just below $3.
Fantom Fundamental Analysis
Fundamentals also support the bullish momentum in Fantom. One of the biggest news in the crypto industry in recent months was the Fntom conference in Abu Dhabi which was held last week. The interest from all over the industry was quite high and I am sure we will see many interesting projects take place of Fantom soon, besides the ones that already exist.
The partnership with yearn.finance, in particular, is very interesting. Yearn.finance which is a leading DeFi (decentralized finance) tweeted on October 7, 2021, an announcement that said: “Today, we go multichain with the launch of Iron Bank Fantom and the first Fantom vaults.” The value of the DeFi section in the crypto industry has increased exponentially this year and it is keeping up with the boom in NFTs. This partnership expands the DeFi industry further, which is great for Fantom.
The Fantom Foundation has announced that it will launch a native cryptocurrency exchange for Fantom tokens. This exchange which will come out before the end of 2021, will be powered by the Binance Cloud. It will offer deeper liquidity, high-frequency trading (HFT), trading robots and better limit orders for Fantom assets. This will attract more users to buy or trade Fantom assets. So, everything is going well for Fantom and with this bullish reversal of the last three days. the next target is $3.50 and then $4. We called for this buy trade last week while ourselves we are holding to our FTM/BTC long signal.